Media Corp reports growth

Recently loss-making Media Corporation says it expects a profitable first quarter, helped by October’s £465,000 Purple Lounge takeover.


Recently loss-making Media Corporation says it expects a profitable first quarter, helped by October’s £465,000 Purple Lounge takeover.

Recently loss-making Media Corporation says it expects a profitable first quarter, helped by October’s £465,000 Purple Lounge takeover.

The London-based advertising and internet media and gaming publisher expects to report a loss for the year to last September, after an £898,000 first-half deficit, but says the three months to December will show losses of £453,000 converted into a £370,000 pre-tax profit. AIM-quoted Media Corp says revenues for the same period should show a 460 per cent gain over 2008-09’s first quarter to £4.6 million.

Directors, headed by chief executive officer Justin Drummond, argue the acquisition of Malta-licensed on-line casino and poker company Purple Lounge has driven the turnaround, helped by a ‘very strong performance’ from the company’s Eyeconomy advertising network. With cash of £2.3 million at the end of December, against £2.7 million a year previously, the board says it is confident of ‘strong profitability and growth’ for the full year to September 2010.

Nick Britton

Lexus Ernser

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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